Related Quotes

Company Profile

Morgan Stanley, in a preview of the decision, said development approval for the precincts along with an early start to work would be “an obvious positive for Mirvac".

Most analysts expect development earnings from the project in 2014.

The 10.6 ha former paceway in Glebe was bought by Mirvac in late 2010 for $187 million.

Earlier this year the group gained a stage one development approval for 1250 apartments in buildings up to eight storeys, along with 3.5 ha of open space and 7500 sq m of non-residential space largely in restored tramsheds.

But local residents continued to oppose the project as an over-development which would lead to a large increase in traffic and the devaluation of property values in the area.

In particular, residents argued for a reduction in the height of the eight storey apartment towers.

Mirvac, its design group and architecture advisers, Hassell, SJB and ASPECT made some changes to setback and heights, though the eight level maximum remains, and reduced parking to the tram sheds.

Sydney Lord Mayor Clover Moore said that under the NSW Governments Metro Plan the city had to provide 61,000 new homes and 114,000 new jobs by 2036.

“The City’s approach is to protect the character of existing residential and heritage areas by focusing balanced and responsible development in industrial sites and renewal areas such as Green Square, Harold Park and the Ashmore Estate," she said.

Councillor Moore stressed the eight-level height limit kept the buildings no higher than the surrounding terraces on cliffs above the site.